Morning Market Insight
Grain Marketing Specialist
We are now buying NC 2019 bushels without the contract fee. For those wanting to price 2020 harvest bushels there will be a $0.05/bu for all commodities.
Corn as of 7:45: Down 1
Traders in holiday mode not much action on the overnight as corn trades in a one cent range. Argentina receiving rain this past week but forecast for warmer and dryer temps next week. Export inspections were 24mb, far from the 41.2mb needed weekly to hit the USDA annual estimate. USDA is estimating exports to be down almost 14% from a year ago.
Soybeans as of 7:45: Up 3
Beans see a 7 cent trading range on the overnight. Light volume trade has market firmer this morning by 3 cents from yesterdays close. Weekly export inspections were 4.1mb, running above the weekly needed exports to hit 32.9mb South American weather pattern may be changing and traders look to be more worried about Argentina’s forecast than Brazil as most of the beans in Brazil there were planted late.
Wheat as of 7:45 MW -Up 2 KC- Unchanged
Both wheats see a 3 cent trading range on the overnight. Weekly export inspections were 18.1mb, just below the 18.6mb needed weekly. Midwest overnight temps plummet not much for snow cover does winter kill come into play yet? Ukraine snow cover looks good. Do you have some wheat sitting around? Forgot what you really have out there? Schedule a visit from out Bin Probe truck and ask about out bin probe guarantee.